TAX CREDITS & INCENTIVES
Tax credits stimulate growth in key areas of the economy. Thus, tax credits are a mutual win for a county seeking job growth and companies in target areas or industries. We offer the following tax credits for businesses seeking to startup, expand, or relocate within the county:
- Community Revitalization Areas provides real property tax exemptions for property owners who renovate existing or construct new buildings in targeted areas of the county. https://development.ohio.gov/bs/bs_comreinvest.htm
- Enterprise Zone Tax Abatement provides real and personal property tax exemptions to businesses making investments targeted areas of the county. https://development.ohio.gov/bs/bs_oezp.htm
- Fluor BWXT Portsmouth Opportunity Fund Grant assists projects in the region that surrounds the former DOE Gaseous Diffusion Plant that lead to jobs with enduring potential and attract dollars from outside the community. Grants may be available for fixed asset acquisition, machinery, equipment, new construction or renovation of existing facilities.
Ohio Valley Regional Development Commission (OVRDC) offers:
- OVRDC Revolving Loan Fund provides low-interest gap financing for private businesses through Economic Development Administration (EDA) or Appalachian Regional Commission (ARC) programs. https://www.ovrdc.org/rlf
- OVRDC Grant and Loan Financing through the Economic Development Administration (EDA), Appalachian Regional Commission (ARC) and Ohio Public Works Commission (OPWC) for public infrastructure development supporting business expansion.
- JobsOhio Revitalization Program supports the acceleration of redeveloping sites in Ohio. The primary focus is placed on projects where the cost of redevelopment and remediation is more than the value of the land and a site cannot competitively developed in the current marketplace. Priority will be placed on projects that support near term job creation opportunities for Ohioans. https://www.jobsohio.com/why-ohio/incentives/jobsohio-loan-and-grant-programs/jobsohio-revitalization-program/
- Job Creation Tax Credits Program provides tax credits for projects that surpass certain payroll thresholds. https://development.ohio.gov/summary_43jctc.htm
- JobsOhio Workforce Grant was created to promote economic development, business expansion, and job creation by providing funding for the improvement of worker skills and abilities in the State of Ohio. Grant decisions are based on a number of project factors, including but not limited to job creation, additional payroll, fixed-asset investment commitment, project return on investment and project location. https://www.jobsohio.com/why-ohio/incentives/jobsohio-loan-and-grant-programs/jobsohio-workforce-grant/
- Roadwork Development (629) provides funds for public roadway improvements, including engineering ad design costs. Funds are available for projects primarily involving manufacturing, research and development, high technology, corporate headquarters, and distribution activity. Projects must typically create or retain jobs. Grants are usually provided to a local jurisdiction and require local participation. https://development.ohio.gov/summary_72roadworkgrant.htm
- The Ohio 166 Regional Loan Program is a state-funded loan pool that can finance up to 40% of the total cost of a business capital investment project at fixed, below market interest rates with a lower down payment. https://development.ohio.gov/bs/bs_r166dl.htm
- Economic Development Loan and Public Infrastructure Grant Program creates and retains permanent, private-sector jobs, principally for low and moderate-income persons, through the expansion and retention of business and industry in Ohio communities. https://development.ohio.gov/cs/cs_edl.htm
- Ohio Historic Preservation Tax Credit Program provides a tax credit in order to leverage the private redevelopment of historic buildings. Applications for this highly competitive program are received in March and September. https://development.ohio.gov/cs/cs_ohptc.htm
- Grow Now is a partnership between the state’s eligible banks and the Ohio Treasury. Small businesses in Ohio that are organized for profit, maintain offices and operating facilities in Ohio and employ fewer than 150 people may apply for low interest loans. http://www.tos.ohio.gov/grownow
- USDA Rural Business Enterprise Grants (RBEG) will provide grants to promote economic development by assisting business in creating or saving jobs in rural areas. https://www.rd.usda.gov/recovery/rural.html
- Federal Historic Preservation Tax Incentive Program encourages private sector investment in the rehabilitation and re-use of historic buildings. https://www.nps.gov/tps/tax-incentives.htm
- Foreign Trade Zone 138 is able to provide FTZ designation to any site located within its 25-county service area in Central Ohio, which includes Ross County. https://ftz138.com
- Ohio State University South Centers – Small Business Development Center educates prospective, new and second stage business owners through direct no-cost consulting, training, research and technical assistance in all areas of business management. The Center also provides no-cost peer-to-peer learning, access to venture capitalists, guidance in diversification and strategic planning. https://u.osu.edu/osubusinessdevelopmentnetwork/
- Manufacturing Extension Partnership services are offered through the Appalachian Partnership for Economic Growth in partnership with the Ohio Development Services Agency. The Ohio MEP provides products, services and assistance dedicated to the productivity, growth and global competitiveness of Ohio manufacturers. https://development.ohio.gov/bs/bs_mep.htm
- Ohio Means Jobs centers assist job seekers, employers and youth with job search assistance, employee recruitment, job training, Job Fairs, testing, on-the-job training agreement reimbursements, employer application services ad more. https://jobseeker.ohiomeansjobs.monster.com